Comments due on proposed Volcker Rule amendments
The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Securities and Exchange Commission, and Commodity Futures Trading Commission have published a proposed rule [83 FR 33432] in today's Federal Register that would amend the regulations implementing section 13 of the Bank Holding Company Act (added by section 619 of the Dodd-Frank Act and commonly referred to as the "Volcker Rule"), which contains certain restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The proposed amendments are intended to provide banking entities with clarity about what activities are prohibited and to improve supervision and implementation of section 13. Comments on the proposal are due by September 17, 2018.
Update: On 9/4/18, the agencies extended the comment deadline one month to 10/17/18.